REG-April Monthly Net Asset Value Estimate
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NBPE Announces April Monthly NAV Estimate
St Peter Port, Guernsey 28 May 2025
NB Private Equity Partners (NBPE), the $1.2bn(1), FTSE 250, listed private
equity investment company managed by Neuberger Berman, today announces its 30
April 2025 monthly NAV estimate.
NAV Highlights (30 April 2025)
* NAV per share was $27.29 (£20.43), a total return of 0.4% in the month
* Approximately 62% of fair value based on private company valuation
information as of Q1 2025 or based on 30 April 2025 quoted prices
* Based on information received so far, private company valuations increased
fair value by 0.4% during Q1 2025 on a constant currency basis
* NBPE expects to receive additional updated Q1 2025 financial information
which will be incorporated in future monthly NAV updates
* $307 million of available liquidity at 30 April 2025
* ~151k shares repurchased during April 2025 at a weighted average discount of
33% which were accretive to NAV by ~$0.02 per share. Year to date, NBPE has
repurchased ~680k shares at a weighted average discount of 29% which were
accretive to NAV by ~$0.10 per share
As of 30 April 2025 Year to Date One Year 3 years 5 years 10 years
NAV TR (USD)* Annualised 0.8% 3.4% 4.1% 1.4% 87.7% 13.4% 160.7% 10.1%
MSCI World TR (USD)* Annualised (0.8%) 12.6% 39.0% 11.6% 96.6% 14.5% 157.2% 9.9%
Share price TR (GBP)* Annualised (8.0%) (8.9%) 3.6% 1.2% 99.0% 14.7% 189.5% 11.2%
FTSE All-Share TR (GBP)* Annualised 4.3% 7.5% 22.6% 7.0% 67.9% 10.9% 75.9% 5.8%
* All NBPE performance figures assume re-investment of dividends on the
ex-dividend date and reflect cumulative returns over the relevant time periods
shown. Three-year, five-year and ten-year annualised returns are presented for
USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total
Returns.
Portfolio Update to 30 April 2025
NAV performance during the month driven by:
* 1.1% NAV increase ($13 million) attributable to changes in foreign exchange
* 0.9% NAV decrease ($10 million) attributable to changes in prices of quoted
holdings (which now constitute 5% of portfolio fair value)
* 0.3% NAV increase ($4 million) from the value of private holdings
* 0.2% NAV decrease ($3 million) attributable to expense accruals
$53 million of realisations in 2025 year to date
* $6 million of proceeds received during the month of April, consisting
primarily of full and partial realisations of GFL, Corona Industrials and
Inflection Energy
$307 million of total liquidity at 30 April 2025
* $97 million of cash and liquid investments with $210 million of undrawn
credit line available
2025 Share Buybacks
* ~151k shares repurchased in April 2025 at a weighted average discount of
33%; buybacks were accretive to NAV by ~$0.02 per share
* Year to date, NBPE has repurchased ~680k shares at a weighted average
discount of 29% which were accretive to NAV by ~$0.10 per share
Portfolio Valuation
The fair value of NBPE’s portfolio as of 30 April 2025 was based on the
following information:
* 5% of the portfolio was valued as of 30 April 2025 * 5% in public
securities
* 57% of the portfolio was valued as of 31 March 2025 * 57% in private direct
investments
* 38% of the portfolio was valued as of 31 December 2024 * 38% in private
direct investments
For further information, please contact:
NBPE Investor Relations +44 (0) 20 3214 9002
Luke Mason NBPrivateMarketsIR@nb.com
Kaso Legg Communications +44 (0)20 3882 6644
Charles Gorman nbpe@kl-communications.com
Luke Dampier
Charlotte Francis
Supplementary Information (as at 30 April 2025)
Company Name Vintage Lead Sponsor Sector Fair Value ($m) % of FV
Action 2020 3i Consumer 83.9 6.6%
Osaic 2019 Reverence Capital Financial Services 66.9 5.3%
Solenis 2021 Platinum Equity Industrials 59.8 4.7%
BeyondTrust 2018 Francisco Partners Technology / IT 47.7 3.8%
Monroe Engineering 2021 AEA Investors Industrials 44.7 3.5%
Business Services Company* 2017 Not Disclosed Business Services 40.1 3.2%
Branded Cities Network 2017 Shamrock Capital Communications / Media 38.9 3.1%
True Potential 2022 Cinven Financial Services 35.2 2.8%
Mariner 2024 Leonard Green & Partners Financial Services 33.7 2.7%
FDH Aero 2024 Audax Group Industrials 32.9 2.6%
Marquee Brands 2014 Neuberger Berman Consumer 31.4 2.5%
GFL (NYSE: GFL) 2018 BC Partners Business Services 30.6 2.4%
Staples 2017 Sycamore Partners Business Services 29.6 2.3%
Auctane 2021 Thoma Bravo Technology / IT 29.1 2.3%
Fortna 2017 THL Industrials 28.7 2.3%
Viant 2018 JLL Partners Healthcare 27.3 2.2%
Stubhub 2020 Neuberger Berman Consumer 26.4 2.1%
Engineering 2020 NB Renaissance / Bain Capital Technology / IT 26.3 2.1%
Benecon 2024 TA Associates Healthcare 25.5 2.0%
Agiliti 2019 THL Healthcare 25.3 2.0%
Kroll 2020 Further Global / Stone Point Financial Services 25.0 2.0%
Solace Systems 2016 Bridge Growth Partners Technology / IT 24.6 1.9%
Excelitas 2022 AEA Investors Industrials 24.1 1.9%
Addison Group 2021 Trilantic Capital Partners Business Services 23.8 1.9%
Exact 2019 KKR Technology / IT 23.3 1.8%
CH Guenther 2021 Pritzker Private Capital Consumer 21.2 1.7%
Bylight 2017 Sagewind Partners Technology / IT 19.9 1.6%
Constellation Automotive 2019 TDR Capital Business Services 19.0 1.5%
Real Page 2021 Thoma Bravo Technology / IT 18.8 1.5%
Tendam 2017 PAI Consumer 18.3 1.4%
Total Top 30 Investments $982.1 77.6%
*Undisclosed company due to confidentiality provisions.
Geography % of Portfolio
North America 77%
Europe 22%
Asia / Rest of World 1%
Total Portfolio 100%
Industry % of Portfolio
Tech, Media & Telecom 23%
Consumer / E-commerce 22%
Industrials / Industrial Technology 17%
Financial Services 14%
Business Services 12%
Healthcare 9%
Other 4%
Energy 1%
Total Portfolio 100%
Vintage Year % of Portfolio
2016 & Earlier 9%
2017 16%
2018 15%
2019 13%
2020 13%
2021 18%
2022 6%
2023 2%
2024 8%
Total Portfolio 100%
About NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside market leading
private equity firms globally. NB Alternatives Advisers LLC (the “Investment
Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group
LLC, is responsible for sourcing, execution and management of NBPE. The vast
majority of direct investments are made with no management fee / no carried
interest payable to third-party GPs, offering greater fee efficiency than
other listed private equity companies. NBPE seeks capital appreciation through
growth in net asset value over time while paying a bi-annual dividend.
LEI number: 213800UJH93NH8IOFQ77
About Neuberger Berman
Neuberger Berman is an employee-owned, private, independent investment manager
founded in 1939 with over 2,800 employees in 26 countries. The firm manages
$515 billion of equities, fixed income, private equity, real estate and hedge
fund portfolios for global institutions, advisors and individuals. Neuberger
Berman's investment philosophy is founded on active management, fundamental
research and engaged ownership. Neuberger Berman has been named by Pensions &
Investments as the #1 or #2 Best Place to Work in Money Management for each of
the last eleven years (firms with more than 1,000 employees). Visit www.nb.com
for more information. Data as of March 31, 2025.
(1) Based on net asset value.
Attachment
* April 2025 NBPE Factsheet vF
(https://ml-eu.globenewswire.com/Resource/Download/3ddfa91c-5fde-4230-bccc-ff4228bfeb4d)Recent news on NB Private Equity Partners
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